Energy sector players are pushing for a paradigm shift in the industry post-Covid-19, whereby African countries will embark on massive infrastructural investment to ensure they can weather a future pandemic situation like the world is facing now.
Over the past five years, the Ghana Revenue Authority has struggled to raise enough domestic revenue – a situation which has pushed the government to resort to borrowing to finance its activities.
More than US$4.7bn worth of projects lined up in Ghana’s hydrocarbons sector have been postponed indefinitely after the coronavirus scourge decimated the oil market and dampened investors’ appetite, the Chief Executive Officer of the Petroleum Commission, Egbert Faibille Jnr., has said.
The Ghana Stock Exchange says more than 262.2 million shares valued at GH¢ 194 million were traded in the first six months of 2020 despite the uncertainty the COVID-19 pandemic created on the bourse.
The Covid-19 outbreak has had a sharp negative impact on economies worldwide. On 24th June, 2020, the IMF projected a contraction in global real GDP of 4.9 percent in 2020.
A total mineral export revenue of US$4.5bn was realised by large-scale mining companies operating in the country in 2019, data from the Ghana Chamber of Mines has revealed.
Ghana’s budget deficit for 2020 will swell to more than double the legal limit because of the impact of the coronavirus on the economy, undoing years of fiscal discipline that was supposed to mark the end of persistent financial bailouts.
In a bid to further the implementation of the domestic automotive development policy, government and government-related institutions have been ordered to prioritise locally-assembled vehicles as their first option when procuring new vehicles for their operations.
Parliament’s Finance Committee has urged the Microfinance and Small Loans Centre (Masloc) to improve upon its loan recovery rate, which declined from 64 percent to 55 percent between 2017 and 2019.
Representatives of over 60 vegetables value chain-associated institutions and networks have called for the establishment of a dedicated funding arrangement to help horticultural businesses meet both domestic and continental vegetable demand, especially for those vegetables that the country has a competitive and comparable advantage in producing.
Professor Douglas Boateng – a supply chain, logistics and industrialisation expert, has predicted that the local economy could earn as much as GH¢300million from the fast-growing local face mask sector following the outbreak of novel Coronavirus (COVID-19) in Ghana.